Political Connection,Institutional Environment And The Investment Of Technological Innovation Of Private Enterprises

Now China’s economy has entered a new normal stage,under the background of the reform on the supply side,private enterprise technological innovation activities not only has important significance for the market competitiveness of the enterprises themselves,at the same time for the healthy,stability and rapid development of economy.About study on the technological innovation of the enterprise,the domestic and foreign scholars are mostly based on the angle of view of the enterprise internal management and external macro environment analysis,and political association as a supplement to the external institutional environment,is the one angle of macro environment analysis.The special relationship between the government and the enterprise is widespread in the world,especially in the period of economic transition in China.The current market economic system of our country is not perfect;the development of institutional environment is not balanced.There is the phenomenon of excessive government intervention in economic activities,and government master a large number of economic and financial resources.For private enterprises,seeking political association for enterprise survival and development is very important,also has an important impact on the technical innovation activities.So,what is the impact of political connections on the investment of technological innovation of private enterprises in China,and what is the role of the institutional environment in different regions? These are problems that we need to think and explore.Therefore,researching the impact of technological innovation of private enterprise investment from the perspective of institutional environment and political connections has important theoretical significance and practical value.Based on this,this paper studies the relationship among the three aspects of political connection,institutional environment and the investment of technological innovation of private enterprises.First of all,this paper reviews the existing literature at home and abroad,summarizes the existing research results,and finds the direction for further research;Thirdly,in order to verify the research hypothesis put forward by theoretical analysis,we choose the data of private listed companies in 2010~2014 as samples,using multiple regression analysis for empirical study.Secondly,introduces the related concepts and the theoretical basis of this paper,on this basis,using the method of theoretical analysis,put forward three research hypotheses,are about the influence of political association of enterprises in technological innovation,the impact of institutional environment on enterprise technological innovation investment,the moderating effect of institutional environment for the influence of political association on enterprise technology innovation investment.Finally,the results of theoretical analysis and empirical analysis are summarized,and the relevant policy recommendations are put forward.On the basis of combing the domestic and foreign research literature,through the theoretical analysis and empirical research,the following conclusions are drawn: First,the political connections has an inhibitory effect on invest in technological innovation of private enterprises,comparing with the private listed companies with no political connections,R & D spending of private listed companies with political connections intensity is low;Second,three system environment variable degree of government intervention,the degree of development of financial markets and the degree of legal protection of has negative effect on technological innovation investment of private enterprise,namely when the government intervention level of the location of the company is low,the degree of financial market development and legal protection degree is high,the enterprise technology innovation investment is relatively high;Third,the degree of financial market development and the degree of legal protection can play a regulatory role,weakening the inhibitory effect of political connections on the enterprise technological innovation investment,namely in the better institutional environment,the inhibitory effect of political connections on the enterprise technological innovation investment is weakened,and the degree of government intervention cannot play a regulatory role.According to the results of theoretical research and the empirical research,this paper put forward some policy suggestions,such as the reduction of government intervention in microeconomic,promoting the reform of financial market and technology innovation and improving legal protection system.